SHELTON, Conn., July 24 /PRNewswire/ -- Cara Therapeutics, Inc.
announced today that it had closed on $12.3 million of additional funding
to its original $24 million Series C financing which was completed in 2007.
The round was led by new investor, Devon Park Bioventures, and included
participation by Connecticut Innovations. Previous investors participating
in the round included; Ascent Biomedical Ventures, Mitsubishi International
Corporation and Wistar Morris. In conjunction with the financing, Dr.
Christopher Moller, General Partner at Devon Park Bioventures, will join
Cara's Board of Directors. The additional funds will be used primarily for
further clinical development of both intravenous and oral formulations of
Cara's second generation peripherally-selective kappa opioid agonist,
CR845.

About CR845

In preclinical studies, CR845 was highly selective for the peripheral
kappa opioid receptor. Animal studies indicate that CR845 is effective in
reducing pain of inflammatory, neuropathic and visceral origin. The
analgesic and anti-inflammatory effects of CR845 lasted for up to 18 hours
after a single dose. CR845 was active after intravenous, subcutaneous, or
oral administration. Preclinical studies also indicate that CR845 possesses
anti-itch properties. Unlike currently marketed opioids, CR845 did not
inhibit intestinal transit (ileus), impair breathing or elicit signs of
addiction in animal models. CR845 is currently completing Phase Ia studies.

About Cara Therapeutics

Cara Therapeutics is a privately held biotechnology company focused on
developing novel, superior therapeutics to treat pain and inflammation
associated with diverse medical conditions. Cara's current pipeline
includes near-term clinical drug candidates within multiple classes of
peripherally-acting analgesics. Cara also plans to develop entirely novel
classes of analgesics that emerge from its proprietary GPCR DimerScreenTM
technology.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements
that involve a number of risks and uncertainties. Such forward-looking
statements include statements relating to the therapeutic applications of
CR845 and about Cara's strategy, technologies, pre-clinical and clinical
programs, and ability to identify and develop drugs, as well as other
statements that are not historical facts. Actual events or results may
differ materially from Cara's expectations. Factors that could cause actual
results to differ materially from the forward-looking statements include,
but are not limited to, the timing, success and cost of Cara's research and
clinical studies and Cara's ability to obtain additional financing. These
forward-looking statements represent Cara's judgment as of the date of this
release. Cara disclaims any intent or obligation to update these
forward-looking statements.

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